Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The Company’s effective tax rates for the three months ended March 31, 2024 and 2023 were 18% and 21%, respectively. The change in the effective tax rates was primarily driven by the Company’s non-deductible portion of stock compensation expense. The effective tax rate for the three months ended March 31, 2024 was lower than the 21% U.S. statutory corporate income tax rate. This difference is primarily due to the non-deductible portion of stock compensation expense.